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The Complete Guide to Sales Force Incentive Compensation - How to Design and Implement Plans That Work (Paperback, Special ed.)
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The Complete Guide to Sales Force Incentive Compensation - How to Design and Implement Plans That Work (Paperback, Special ed.)
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Designing an incentive plan to turn sales reps into sales
superstars! If you're like most sales leaders, your incentive
program is a constant challenge, as you try to jumpstart sales,
energize a geographically dispersed and autonomous workforce, and
motivate salespeople to achieve ambitious revenue goals. And
sometimes it seems like you just don't know what works; your
products and markets are changing, the incentive program that was
so successful last year no longer produces the desired results, or
perhaps the generous incentive program you created has yielded a
corps of highly paid salespeople who spend most of their time on
existing clients and minimal time generating new business -- and
threaten to walk away with your customer base if you scale back
paychecks! Incentive programs are seductively powerful but
complicated instruments. Without careful planning and
implementation, they can be too stingy to motivate, too complex to
understand, too quick to reward mediocre results, and too difficult
to implement. But a well-designed and implemented incentive program
is an essential tool for building a motivated, highly effective
sales force that delivers the results you need. The Complete Guide
to Sales Force Incentive Compensation is a practical, accessible,
detailed roadmap to building a compensation system that gets it
right by creating motivating incentives that produce positive
outcomes. Packed with hundreds of real-life examples of what works
and what doesn't, this important guide helps you: Understand the
value of building an incentive plan that is aligned with your
company's goals and culture. Avoid the common trap of overusing
incentives to solve too many sales management problems. Measure the
effectiveness of your current incentive program, employing
easy-to-use tools and metrics for pinpointing its weak spots.
Design a compensation plan that attracts and retains successful
salespeople, including guidelines for determining the correct pay
level, the best salary incentive mix, the proper performance
measures, and the right performance payout relationship. Select an
incentive compensation plan that works for your organization --
then test the plan before it is launched. Set territory-level goals
that are fair and realistic, and avoid overpaying the sales force
because goals are too easy, or demoralizing salespeople by having
goals that are too difficult or not fairly assigned. Create and
manage sales contests, SPIFFs (Special Performance Incentive for
Field Force), and recognition programs that consistently deliver
the intended results. Manage a successful transition to a new
compensation plan and build efficient administration systems to
support your plan. Every year, corporations spend $200 billion
compensating their sales forces, with extremely mixed results. Make
sure every dollar you spend is helping to achieve your goal of
creating an empowered, effective sales force that drives your
company's success. Packed with ready-to-use formulas and assessment
tools and a wealth of insights from frontline sales managers and
executives, The Complete Guide to Sales Force Incentive
Compensation is your hands-on, easy-to-read playbook for crucially
important decisions.
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